2 men arrested for banking-related malware scams: $25k cash, luxury watches, gold bars and more seized

Two men, aged 56 and 32, have been arrested for their alleged involvement in banking-related malware cases.

The police said in a statement that they received numerous reports from June to September 2023 regarding unauthorised transactions from victims' bank accounts, despite the victims not having shared their one-time passwords (OTPs) with anyone.

On Oct 4 and 5, officers from the Criminal Investigation Department (CID) carried out an operation at the residences of both suspects, leading to their arrests.

Over $25,000 in cash, 15 luxury watches, gold items including 34 bars, seven coins, three rings, a pendant, an iPad, five mobile phones, and cryptocurrencies worth more than $240,000 were seized during the operation. Additionally, six bank accounts, with a combined balance of approximately $112,500, were frozen to prevent further misuse.

The two men will be charged in court on Friday (Oct 3) for allegedly acquiring property they had reasonable grounds to believe represents benefits from criminal conduct.

If convicted, they could face a jail term of up to 10 years, a fine of up to $500,000, or both.

The police have advised the public against downloading applications from third-party or dubious sites, as such actions can lead to malware being installed on victims' mobile phones, computers, and other devices.

This malware can lead to the theft of confidential and sensitive data, such as banking credentials.

The public is also warned against complying with requests to use their bank account or mobile lines, as they will be held accountable if these are found to be linked to illegal activities.

The police have pledged to continue taking strict enforcement action against those involved in banking-related malware cases, ensuring they face the full force of the law.